SBI Savings Bank Account for Children: State Bank of India (SBI) offers two types of savings accounts for minors – Pehla Kadam and Pehli Udaan. These accounts help prepare your little ones for a solid financial future, in addition to instilling in them the habit of saving money early. The best thing about these accounts is that the account holders – in this case the children – do not need to maintain a minimum balance.
SBI offers Pehla Kadam and Pehli Udaan savings account for children
Pehla Kadam and Pehli Udaan, are complete packages of banking products, which will not only help children learn the importance of saving money, but also allow them to experience the “purchasing power” of money, the lender mentioned on its website.
“Both savings accounts are fully loaded; packed with banking features like internet banking, mobile banking, etc. which will not only familiarize children with the various channels of modern banking, but also teach them the nuances of personal finance,” SBI said.
Here’s everything you need to know about SBI’s Pehla Kadam, Pehli Udaan Savings Accounts for Kids
Checkbook
Pehla Kadam
A specially designed personalized checkbook (with 10 check sheets) will be issued to the guardian on behalf of the minor under guardianship.
PehliUdaan
Where the account holder’s mobile number is registered. A specially designed personalized checkbook (with 10 check sheets) will be issued if the minor can sign uniformly.
Photo debit card ATM
PehlaKadam: Kids Embossed Photo Debit Card with Withdraw/Point of Sale Limit of ₹5,000. The card will be issued in the name of the minor and the guardian.
PehliUdaan: embossed photo ATM with debit with withdrawal/POS limit of ₹5,000 will be issued in the name of the minor.
Mobile banking
PehlaKadam: With viewing rights and limited transaction rights such as: payment of bills, recharges. Transaction limit per day of ₹2,000
PehliUdaan: With viewing rights and limited transaction rights like – Bill Payment, Refills, IMPS. Transaction limit per day of ₹2,000. Auto-scan function with a minimum threshold of ₹20,000. Scan in multiples of ₹1,000/- with a minimum of ₹10,000.
Eligibility
PehlaKadam: Minor of any age. This account will be opened jointly with the parent/guardian.
PehliUdaan: Minors over the age of 10 who can sign uniformly. This account will be opened in the sole name of the minor.
Operating mode
PehlaKadam: jointly with the parent/guardian or individually by the parent/guardian
PehliUdaan: Single operated
Pehla Kadam of SBI, Pehli Udaan Children’s Savings Accounts Other Features
- Interest rate applicable to the A/c savings bank calculated on a daily balance.
- Portability of accounts to any SBI branch without changing the account number.
- Nomination service is available and recommended.
- Branded passbook specially designed and issued free of charge.
- Inter Core charges NIL for transfer transactions.
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